: (1) A public company shall be converted into a private company in accordance with this section in the following cases:-
(a) If the number of shareholders of a public company is less than seven,
(b) If the public company fails to maintain its paid-up capital as per Section 11 or if the paid-up capital as per Section 11 is not maintained due to reduction of capital as per Section 57. But this arrangement will not be applicable in the case of the company under sub-section (2) of section 11.
(2) If the situation as per sub-section (1) occurs, the relevant public company shall make necessary amendments in its articles of association and regulations and convert it into a private company within six months.
(3) In order to convert into a private company, the relevant public company shall submit an application in the prescribed format along with the prescribed fee to the office within thirty days of the amendment in accordance with sub-section (2), attaching a copy of the articles of association and regulations.
(4) If an application is received before the office in accordance with sub-section (3), a certificate of conversion into a private company shall be given within sixty days of the conversion of such company into a private company in the company registration book.
(5) If a public company is converted into a private company in accordance with sub-section (4), all assets and liabilities of the public company so converted shall be transferred to the latter company.